Barack Obama after $750 million re-election war chest

President Barack Obama's campaign team has set a benchmark figure of $750 million (£459 million) for his re-election.

Barack Obama's campaign team wants a $750 million war chestPhoto: GETTY

7:00PM BST 02 Jun 2011

The team on Wednesday set a goal of raising $60 million in the quarter to benefit Mr Obama's re-election and the Democratic National Committee, a source involved in the campaign said.

Dozens of Democratic Party operatives and supporters from across the country assembled in a downtown hotel on Wednesday for an early fund-raising strategy session.

The group, which was to include Bill Daley, White House Chief of Staff, and former Director of the White House National Economic Council Lawrence Summers, laid out their early strategy for raising more than $750 million to re-elect the president.

"There was talk about why the president deserves to be re-elected and why it is important for us to make that happen," said a long-time Obama supporter who attended the meetings.

Campaign Manager Jim Messina made public part of their strategy in an email message to supporters on Wednesday.

"We decided we're ready to give for a second or third time – if and only if you're willing to make your first donation to the campaign right now," the message said. "Right now there are thousands of folks willing to match whatever amount you decide to give," the message read.

The strategy follows the campaign's grassroots style, Messina said, adding that he recognises easier paths to raking in campaign cash.

"Taking money from Washington lobbyists or special-interest PACs is the easy path – and every single one of our prospective opponents is racing down it. That's not the kind of race we want to run."

Other fund-raising meetings were held on Wednesday by Deputy Campaign Manager Julianna Smoot and Rufus Gifford, the Obama 2012 finance chairman.

Other top Chicago Obama supporters and fund-raisers were in attendance, including real estate executive Penny Pritzker, who led fund-raising for Obama in 2008, and her 2012 successor, former Ambassador to Sweden Matthew Barzun.